Should You Add Travelers The Travelers Companies (TRV)?

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter.  The strategy gained two out of 10 sectors in which it invested during the quarter, on an absolute basis. Communication services and consumer discretionary sectors were the sole contributors while the information technology (IT) and utilities sectors detracted. Overall stock selection and sector allocation detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

ClearBridge Sustainability Leaders Strategy highlighted stocks like The Travelers Companies, Inc. (NYSE:TRV) in the third quarter 2023 investor letter. Headquartered in New York, New York, The Travelers Companies, Inc. (NYSE:TRV) offers a range of commercial and personal property, and casualty insurance products and services. On December 27, 2023, The Travelers Companies, Inc. (NYSE:TRV) stock closed at $188.62 per share. One-month return of The Travelers Companies, Inc. (NYSE:TRV) was 4.43%, and its shares lost 0.43% of their value over the last 52 weeks. The Travelers Companies, Inc. (NYSE:TRV) has a market capitalization of $43.081 billion.

ClearBridge Sustainability Leaders Strategy made the following comment about The Travelers Companies, Inc. (NYSE:TRV) in its Q3 2023 investor letter:

“Other positioning moves involved the sale of Progressive and the addition of The Travelers Companies, Inc. (NYSE:TRV).  After a rebound in shares, we felt the risk reward was superior at Travelers, which is both more diversified and less expensive, in our view.”

A woman in a business suit in an insurance office, analyzing a policy.

The Travelers Companies, Inc. (NYSE:TRV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held The Travelers Companies, Inc. (NYSE:TRV) at the end of third quarter which was 41 in the previous quarter.

We discussed The Travelers Companies, Inc. (NYSE:TRV) in another article and shared the list of best auto insurance companies heading into 2024. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.